LONDON, July 7, 2015 /PRNewswire/ --
Edison Investment Research,
a leading international investment research firm, announces the
initiation of full coverage of Petroceltic
Highlights of the analysis on Petroceltic by Edison's oil &
gas analysts Will Forbes, Kim
Fustier, Elaine Reynolds,
Peter Lynch and Ian McLelland include:
Petroceltic (PCI) is an AIM and Dublin-listed E&P with assets in
Egypt, Bulgaria and Algeria. Its flagship project, the Ain Tsila
gas/condensate project in Algeria,
is approaching FID in late 2015 and should start up in Q418. PCI is
also exploring in Egypt and
Italy.
(Logo:
http://photos.prnewswire.com/prnh/20130417/608168 )
Our core NAV is 125p/share, including Egypt, Bulgaria and Ain Tsila Phase 1. Hence at the
current share price, the market is giving PCI no credit for Ain
Tsila execution and upside and for exploration in Egypt/Italy.
Our RENAV is 154p/share. As the project progresses and first gas
nears, its value should grow, supporting a RENAV CAGR of c 16% out
to 2020. We estimate PCI requires c $580m of debt funding to get through the heavy
spend phase in H216-18 until first gas. Beyond the recently
announced $175m secured bond issue,
we expect it to look to a mix of corporate bonds, project finance
and RBLs. Progress on refinancing over the next 12 months and on
strategic issues with Worldview would be a positive catalyst.
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For more information please contact:
Will Forbes, Edison Investment
Research , +44(0)20-3077-5749
Kim Fustier, Edison Investment Research, +44(0)20-3077-5741
oilandgas@edisongroup.com